Nicholas Stoller is in talks to helm, according to The Hollywood Reporter.
Stoller most recently directed Jason Segel-Emily Blunt comedy The Five-Year Engagement, which follows a couple's highs and lows during their lengthy engagement.
He also co-wrote films including The Muppets and Get Him To The Greek with Segel.
Townies follows a regular family man (Rogen) whose suburban life is turned upside down by Efron's alpha male frat boy.
A release is scheduled for 2013.
Watch a trailer for The Five-Year Engagement below: